Garmin CEO Clifton Pemble's 2021 pay rises 15% to $4.2M
Garmin reports 2021 executive compensation
By ExecPay News
Published: April 25, 2022
Garmin reported fiscal year 2021 executive compensation information on April 25, 2022.
In 2021, six Garmin executives received on average a compensation package of $1.9M, a 9% increase compared to previous year.
Average pay of disclosed executives at Garmin
Clifton A. Pemble, Chief Executive Officer, received $4.2M in total, which increased by 15% compared to 2020. 71% of Pemble's compensation, or $3M, was in stock awards. Pemble also received $307 in bonus, $1.2M in salary, as well as $34K in other compensation.
For fiscal year 2021, the median employee pay was $93,566 at Garmin. Therefore, the ratio of Clifton A. Pemble's pay to the median employee pay was 45 to one.
Philip I. Straub, Executive Vice President, Managing Director-Aviation, received a compensation package of $1.9M, which is about the same as previous year. 61% of the compensation package, or $1.1M, was in stock awards.
Andrew R. Etkind, General Counsel, earned $1.8M in 2021, a 8% increase compared to previous year.
Patrick G. Desbois, Executive Vice President, Operations, received $1.7M in 2021, which increases by 12% compared to 2020.
Douglas G. Boessen, Chief Financial Officer, earned $1.4M in 2021, a 5% increase compared to previous year.
Min H. Kao, Chairman, received $384K in 2021, which is about the same as previous year.
Garmin's fiscal year ends on December 25.
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Source: SEC filing on April 25, 2022.